Technically Jeera market is under short covering as market has witnessed drop in open interest by 6.17% to settled at 3378 while prices up 95 rupees.

Now NCDEX Jeera is getting support at 14555 and below same could see a test of 14465 levels, and resistance is now likely to be seen at 14735, a move above could see prices testing 14825.

Jeera yesterday settled up by 0.65% at 14645 as the export of cumin is increasing continuously and in the coming days there are signs of increasing the export of cumin in a big way. Purchase of cumin seeds from African and Middle East countries will be diverted from other countries to India this year.

With Gujarat and Rajasthan being the only producers of cumin in the country, the most impact of Skymet’s forecast is visible on the cumin market.

The export of cumin is increasing continuously and in the coming days there are signs of increasing the export of cumin in a big way. However, the freight of container-vessels has increased and the shortage of containers is increasing continuously.

Despite this, exporters are now exporting by bargaining at FOB price and in some cases the freight of both side containers is being settled.

The export of cumin seeds from Turkey and Syria was visible in the international market in July-August every year, due to which the export of Indian cumin decreased after July-August, but due to the very bad condition of cumin crop exports cannot be dome from these two countries in the current year.

On the contrary, importers from Syria and Turkey are currently buying cumin seeds from India. In Unjha, a key spot market in Gujarat, jeera edged up by 52.6 Rupees to end at 14864.7 Rupees per 100 kg.

Trading Ideas:
–Jeera trading range for the day is 14465-14825.
–Jeera prices gained as the export of cumin is increasing continuously and in the coming days there are signs of increasing the export of cumin in a big way.
–India’s cumin exports will increase due to less supply from Afghanistan-Syrian
–Export of cumin is expected to reach a record level of 2.50 to 2.75 lakh tonnes in the current year
–In Unjha, a key spot market in Gujarat, jeera edged up by 52.6 Rupees to end at 14864.7 Rupees per 100 kg.